Aurobindo Pharma : Q4 – AFR 2022-23

	AUROBINDO PHARMA LIMITED
	(CIN - L24239TG1986PLC015190)
		www .aurobindo.com
	Regd. Office: Plot No.2, Maitrivihar, Ameerpet, Hyderabad - 500 038, India
	Tel: [phone];	Fax: [phone]; Email: [e-mail]
					(All amounts are in ~ millions, unless otherwise stated)
	STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR YEAR ENDED MARCH 31, 2023 AND
	UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31 2023
					Quarter ended			Year ended
	Particulars		31.03.2023		31.12.2022	31.03.2022		31.03.2023	31.03.2022
			Unaudited		Unaudited	Unaudited		Audited	Audited
			(refer note 8)			(refer note 7 &			(refer note 7)
						Hl
1 Revenue from operations
	(a) Net sales/ income from operations		34,838.0		34,184.7	28,778.3		126,075.4	112,500.7
	(b) Other operating income		636.4		137.9	93.4		1,847.4	370.7
	Total revenue from operations		35,474.4		34,322.6	28,871.7		127,922.8	112,871.4
2 Other income
	(a) Foreign exchange gain (net)		550.1		284.9	161.2		557.9	1,228.0
	(b) Others		2,331.6		502.4	3,972.5		3,779.7	5,481.9
	Total other income		2,881.7		787.3	4,133.7		4,337.6	6,709.9
	Total income (1+2)		38,356.1		35,109.9	33,005.4		132,260.4	119,581.3
3 Expenses
	(a) Cost of materials consumed		20,574.6		19,886.7	14,207.8		72,476.9	57,839.3
	(b) Purchase of stock-in-trade		152.2		134.3	11.5		892.3	168.1
	(c) Changes in inventories of finished goods, stock-in-trade and work-in-	(2,609.7)		(1,238.6)	218.0		(4,660.0)	455.1
	progress
	(d) Employee benefits expense		4,067.7		4,183.0	3,863.8		16,418.8	16,000.4
	(e) Finance costs		489.7		389.6	49.1		1,149.8	169.4
	(f) Depreciation and amortisation expense		1,150.0		1,085.0	1,012.2		4,353.5	4,152.6
	(g) Other expenses		6,371.3		6,625.0	5,500.9		25,485.6	23,674.5
	Total expenses		30,195.8		31,065.0	24,863.3		116,116.9	102,459.4
4 Profit before exceptional items and tax (1+2-3)		8,160.3		4,044.9	8,142.1		16,143.5	17,121.9
5 Exceptional items (refer note 5 )		-			747.1		-	747.1
6 Profit before tax (4-5)		8,160.3		4,044.9	7,395.0		16,143.5	16,374.8
7 Tax expense (refer note 6)
	Current tax		1,738.4		1,141.5	254.1		4,070.2	3,797.0
	Deferred tax		(26.1)		(84.8)	(880.7)		(230.8)	(1,969.3)
	Total tax expense		1,712.3		1,056.7	(626.6)		3,839.4	1,827.7
8 Profit for the period/year (6-7)		6,448.0		2,988.2	8,021.6		12,304.1	14,547.1

9 Other comprehensive income

Items that will not to be reclassified subsequently to profit or loss:

	(a) Re-measurement of defined benefit liability	11.2	22.4	59.7	78.4	22.6
	(b) Income-tax relating to items that will not be reclassified to profit or loss	(2.8)	(5.6)	(18.7)	(19.7)	(5.7)
10 Total comprehensive income for the period/year (8+9)	6,456.4	3,005.0	8,062.6	12,362.8	14,564.0
11	Paid-up equity share capital (face value ~ 1 per share)	585.9	585.9	585.9	585.9	585.9
12	Other equity				178,555.8	170,587.5
13	Earnings per equity share (face value ~ 1 per share)	(Not annualised)	(Not annualised) (Not annualised	(Annualised)	(Annualised)
	(a) Basic (in~)	11.00	5.10	13.69	21.00	24.83
	Irbl Diluted (in ~l	11.00	5.10	13.69	21.00	24.83

Page 1 of 4

Standalone balance sheet

		(All ariJounts are in ~ millions, unless otherwise slated )
51.			As at	As at
No.	Particulars		31.03.2023			31.03 .2022
			Audited	Audited
						(refer note 71
	ASSETS
1	Non-current assets
	Property, plant and equipment		34,268.7		34,870.9
	Capital work-in-progress		2,390.9		2,251.5
	Right-of-use assets		550.1		731.8
	Goodwill		917.0		69.9
	Other intangible assets		1,139.2		185.7
	Financial assets
	Investments		82,217.7		65,843.5
	Loans		26,011.5		8,284.3
	Trade receivables		-			-
	Other financial assets		747.7		1,935.2
	Income tax assets (net)		2,814.4		2,954.3
	Other non-current assets		1042.9		531.3
	Total non-current assets		152,100.1		117,658.4
	Current assets
2
	Inventories		41,252.6		33,561.8
	Financial assets
	Investments		0.1		0.1
	Trade receivables		45,602.6		39,732.4
	Cash and cash equivalents		1,296.5		482.1
	Bank balances other than cash and cash equivalents		24.9		25.7
	Loans		79.9		89.7
	Other financial assets		1,595.6		15,897.8
	Other current assets		7,384.2		8.561.5
	Total current assets
		97,236.4		98,351.1
	TOTAL ASSETS (1+2)
		249336.5		216 .009.5
	EQUITY AND LIABILITIES
1	Equity
	Equity share capital		585.9		585.9
	Other equity		178,555.8		170587.5
	Total equity		179,141.7		171,173.4
	liabilities
2	Non-current liabilities
	Financial liabilities
	Lease liabilities		429.1		605.8
	Provisions		873.1		50.3
	Deferred tax liability (net)		2,159.1		2,370.3
	Total non-current liabilities		3,461.3		3,026.4
3	Current liabilities
	Financial liabilities
	Borrowings		41,425.7		18,186.2
	Lease liabilities		176.8		"156.9
	Trade payables
	total outstanding dues of micro enterprises and small enterprises and		465.1		298.9
	total outstanding dues of creditors other than micro enterprises and small enterprises		21,558.1		16,312.6
	Other financial liabilities		1,023.2		4,894.3
	Other current liabilities		863.7		927.2
	Provisions		296.6		1,033.6
	Current tax liability (net)		924.3		-
	Total current liabilities	66,733.5		41,809.7

TOTAL EQUITY AND LIABILITIES (1+2+31

249336.5

216009.5

Page 2 of 4

Standalone state'ment of cash flows

								(AI! amounts are in ~	millions unless	otherwise stated'
51.														For the year	For the year
No.														ended	ended
			Particulars											31.03.2023		31.03 .2022
														Audited	Audited (refer
																note 7]
1	CASH flOW FROM OPERATING ACTIVITIES
	Net profit before tax													16,143.5		16,374.8
	Adjustments for :
	DepreCiation, amortisation and impairment expense												4,353.5		4,152.6
	Exceptional items (refer note 5)													-		747.1
	Allowance for credit losses on trade receivables and other advances (net)										186.3		(178.6)
	Provisions no longer required written back													(51.6)	(89 .6)
	Unrealised foreign exchange gain on non derivative assets (net)											(139.9)	(125 .3)
	Mark-to-market loss/(gain) on derivative foreign currency forward contra ct s									(87.8)	(274 .8)
	{Profit)/Ioss on sale of property, plant and equipment (net)											(133.5)	311.0
	Dividend income													(1,648.7)	(4,509.9)
	Finance costs													1,130.7		152.0
	Interest income													(1,857.1)	(491.0)
	Operating profit before working capital changes
													17,895.4		16,068.3
	Movements in working capital:
	(Increase)/decrease in trade receivables													(5,366.0)	15,923.6
	(Increase)/decrease in inventories													(7,399.0)	11,328.3
	Decrea se in loans													10.5		29.5
	Decrease/(in crease) in other financial assets													14,537.6		(54.7)
	Decrease in other current/non-current assets													727.0		1,818.9
	Increa se/(decrease) in trade payables													788.9		(1,044.3)
	Increase in provision for employee benefits													82.9		74.3
	Increase other financial liabilities													3.8		-
	{Decrease)/increase in other current liabilities													163.61	43 .9
	Cash generated from operating activities													21,217.5		44,187 .8
	Income-tax paid (net)													13005.9		16920.7
	Net cash flow generated from operating activities	(A)												18,211.6		37,267.1
2	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of property, plant and equipment including movement in capital work-in-progress,							(3,537.5)	(6,140.6)
	capital advances and capital creditors
	Purchase of intangible assets and intangible assets under development											(45.4)	(32.4)
	Proceeds from sale of property, plant and eqUipment and intangibles											232.2		6,434.3
	Purchase of non -current investments													(9,391.0)	(18,857.9)
	AcquiSition of business including certain assets (refer note 4(a))											(1,689.2)	-
	Proceeds from current investments													-		1,290.4
	Dividend received from subsidiaries													1,648.7		4,521.9
	Loans made to subsidiaries/ joint venture													(26,350.0)	(7,500.0)
	Loans repaid by subsidiaries/ joint venture													3,737.5		3,634.2
	Interest received													797.1		515 .0
	Bank balances not considered as cash and cash equivalents (net)											0.8		-
	Net cash flow used in investing activities (B)													(34,596.8)	(16,135.1)
3 CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds/{repayment) of current borrowings (net)													22,873.1		(21,541.3)
	Repayment of lease liabilities, net													(209.6)	(209.5)
	Interest paid													(1,073.4)	(87 .6)
	Dividend paid on equity shares													(4,395.3)	(2,637.0)
	Net cash generated from/{used) in financing activities (e)
											17,194.8		(24,475.4)
	Net increase/(decrease) in cash and cash equivalents (A+B+C)											809.6		(3,343.4)
	Cash and ca sh equivalents at the beginning of the yea r												482.1		3,835 .8
	Effect of exchange differences on cash and cash equivalents											4.8		(10.3)
	Cash and cash equivalents at the end of the year
													1296.5		482.1
	Cash and cash equivalents comprises of:
	Cash on hand					--=--								0.3		1.2
	Balance with banks:
	Current accounts		-										1,058.3		144.3
				)y.;lJ'i'O
	Cash credit accounts (net)		ttSk~,,0 Jl 5'	~,~1"J.							1296.5		482 .1
	Cash and cash equivalents considered for cash flows	J-~~ ; ~) ) ))
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			Page 3 of 4		~ ,

NOTES:

1 The above standalone financial results of Aurobindo Pharma Limited ("the Company") have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and in terms of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2 The above standalone financial results of the Company as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on May 27, 2023. The results for the year ended March 31, 2023 has been audited and for the quarter ended March 31, 2023 has been reviewed by our statutory auditors. The statutory auditors of the Company have expressed an unmodified opinion on the financial results for the year ended March 31, 2023 and have issued an unmodified conclusion in respect of the limited review for the quarter ended March 31, 2023.

1. The Company operates in only one reportable segment viz., 'PharmaceuticalProducts'.
2. a) The Board of Directors of the Company at its meeting held on March 28, 2022 had approved the acquisition of business including certain assets of Verltaz Healthcare Limited (Veritaz). Consequently the Company entered into a definitive agreement with Veritaz for the said acquisition for a total consideration of
   ~ 1,689.2 and obtained control w.eJ. April 1, 2022 over such business and assets.
   b) The Board of Directors of the Company at its meeting held on June 17, 2022 had approved investment in GLS Pharma Limited (GLS) through subscription of 204,819 equity shares for an aggregate con sideration of ~ 93.5 (constituting 17% of the equity share capital of GLS) and acquisition of 409,339 equity shares from the selling shareholders for an aggregate consideration of ~ 187 (constituting of 34% of equity share capital of GLS). During the quarter ended June 30, 2022, the Holding Company subscribed to 204,819 equity shares of GLS consequent to execution of share subscription and purchase agreement. During the year on

satisfaction of the closing conditions, the Company acquired the additional 409,339 equity shares. As at March 31, 2023 the Company holds Sl% of the equity shares in GLS.

1. During the previous year, pursuant to Board approvals obtained, the following units were transferred within the Group:

1. The undertaking of Unit 10 located at Multiproduct Special Economic Zone, Naidupet, Mandai, SPSR Nellore District, Andhra Pradesh, transferred to its wholly- owned subsidiary APL Healthcare Limited through a slump sale w.eJ April 1, 2021.
2. The undertaking of Unit-4 of the Company located at Pashamylaram, Patancheru Mandai, Sangareddy district, Telangana, transferred to Eugia Pharma Specialities Limited, a wholly owned subsidiary of the Company w.e.f. July 1, 202l.
3. The undertaking of Unit-16 of the Company located at TSIIC, SEZ, Polepally Village, Jadcherla Mandai, Mahbubnagar district, Telangana, transferred to Wytells Pharma Private Limited, a wholly owned step-down subsidiary of the Company and 100% subsidiary of Eugia Pharma SpeCialities Limited w.e.f June 1, 202l.
4. The undertaking of Unit 18 of the Company located at Survey No.69, 70, 71 & 72, Indrakaran Village, Kandi Mandai, Sangareddy District - 502203, Telangana, to Auro Vaccines Private Limited, a wholly owned subsidiary of the Company w.e.f. January 1, 2022.

Consequent to the above transfers/acquisitions, the results of the current quarter/year are strictly not comparable to the previous quarters/year.

1. The Board of Directors of the Company at its meeting held on February 9, 2023 and subsequently on March 23, 2023, Shareholders of the Company approved through postal ballot the transfer of certain Active Pharmaceutical Ingredients (API) busines units (Unit I, VIII, IX, XI, XIV and RC - 02) for consideration of ~33,03l.7 to its wholly owned subsidiary, Apitoria Pharma Private Limited (APPL) (formerly known as Auro Pharma India Private Limited) on going concern basis by way of a slump sale w.eJ April 01, 2023.

Subsequent to year end, on April 01, 2023 Board of Directors of the Company approved the transfer of two API units (Unit V and XVII) for consideration of ~5,026.2 to its wholly owned subsidiary, APPL on going concern basis by way of a slump sale w.e.f April 01, 2023.

1. Exceptional item of ~ 747.1 for the quarter and year ended March 31, 2022 represents impairment of investment relating to a subsidiary.
2. During the quarter ended March 31, 2022, the Company elected to exercise the option permitted under Section l1SBAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for income tax for the year ended March 31, 2022 and re- measured its deferred tax assets /liabilities based on the rate prescribed in the said Section. The impact of this change has been recognised in the statement of profit and loss during the year ended March 31, 2022.
3. The standalone financial results of the Company for the quarter and year ended March 31, 2022, were audited by the M/s BSR & Associates LLP, Chartered Accountants, the predecessor auditor, who have expressed an unmodified opinion.
4. The figures for the current quarter and quarter ended March 31, 2022, are the balancing figures between the audited figures in respect of the full financial year ended March 31,2023 and March 31, 2022, respectively and published year to date figures up to third quarter ended December 31,2022 and December 31, 2021, respectively, which were subject to limited review by the statutory auditors.

	By Order of the Board
	.C... _ - -_--"/J~....
	K.Nithyananda Redd~ ,
Place: Hyderabad	Vice Chairman & Managing Director
Date: May 27, 2023	DIN-0128419S

Page 4 of 4

Deloitte

Haskins & Sells

Chartered Accountants KRB Towers

Plot No.1 to 4 & 4A 1st, 2nd & 3rd Floor Jubilee Enclave, Madhapur Hyderabad-SOO OS1 Telangana, India

Tel: [phone]

Fax: [phone]

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

AUROBINDO PHARMA LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2023 and

1. 1. reviewed the Standalone Financial Results for the quarter ended March 31, 2023 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of audited standalone financial results for year ended March 31, 2023 and unaudited standalone financial results for the quarter ended March 31, 2023" of AUROBINDO PHARMA LIMITED ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
2. Opinion on Audited Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2023:

1. 1. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
   1. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.
2. Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2023
   With respect to the Standalone Financial Results for the quarter ended March 31, 2023, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2023, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
   Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2023

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor'sResponsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2023 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI'sCode of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion,

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